IVA done, any chance of a mortgage?!

charleyplackett

Hi, I am just wondering if anyone has an insight into the chances of me being able to obtain a mortgage this year.

I took out an IVA in April 2006 for approx £36k. I made a final settlement in August 2008. All my creditors are up to date with Experian and all defaults come off my report by the end of April 2012(6 years later). I think the IVA also comes off as it last 6 years from the start? Or is that from the end? I am no longer on the insolvancy register.

I have had a Vanquis card since 2009 and now have a limit of £3k though I only ever buy the weekly shop on it and pay in full every month.

I think it will need to be a single application as my husband went bankrupt in May 2009 for one year and although he has been lucky enough not to have the noted on his credit file and it has gone from the insolvancy register I don't want to lie to anyone about the full circumstances.

My Mum is willing to help me with £35k (very lucky!) and I am looking at properties at about £150k.

Just wonder if I'm wasting my time and would be better off looking at renting?

FoggyBrain_2

Hi, there's a broker over on https://www.iva.co.uk called Ryan. he has helped several ex-IVA'ers over there get back on the property ladder and knows the ins and outs of IVA applicants. Other than that try a whole of market broker.

charleyplackett

Update: Just in case this is of interest to anyone else.... I have spoken with Ryan and he has been very helpful. He has advised me to get my credit reports in shape (which I had) and we are going to try to apply once all the defaults fall off at the end of April. He says there is no point in trying before then which is what I expected. I will update again when I have a solid outcome. Charley

FoggyBrain_2

Best of Luck, Charley.

MrOrchard

I got a regular high street mortgage last year, around 12 months after the IVA's dropped off my credit reports. Never even came up as most things are based on affordability these days!

Good luck.

vicki488

Hi I have spoken to 2 whole market brokers and they have both told me that once there is no evidence of the iva or defaults on your file then you will be fine as they only approach lenders that are only interested in the last 6 years and as the iva started over 6 years ago it's not mentioned. I am going to apply for a mortgage sometime this month and I only have 10% deposit and they have said I will be fine.

charleyplackett

Just to update you all and perhaps give some hope:-
I approached Halifax directly after my iva was removed and was instantly given a mortgage promise (decision in principle) for £140,000 with no questions on the application regarding ivas or bankruptcy. Woohoo, now into those negoations with estate agents?!?!

charleyplackett

Fianl update from me.....

We compleated on 15th June and moved into my new house on 16th June. No questions ever asked about the IVA and no problems with the Halifax, in fact surprisingly even though I don't bank with them they didn't even want to see any bank statements or payslips, all amazingly easy. Just makes you think how much information about you is freely available without them having to ask! Hope this gives other who have had problems in the past but sorted themselves out help for the future! Charley

Foxy-Stoat_3

Well done !! Expect your "Halifax Welcome Pack" any-day soon !!!

I wondered what the blue package was that was left outside my front door...picture hooks without nails are always useful !!!